Recreate sells its shares in Fornebuveien 1-3

24 Mar 2023 13:18 CET

Porsgrunn, 24 March 2023: Reference is made to the stock exchange announcement
by Recreate ASA ("Recreate" or the "Company") on 10 January 2023.

The Company is pleased to announce that it has sold Fornebuveien 1-3 AS (the
"Target") to Investorprosjekt 404 AS (the "Buyer"). The Buyer is an investment
company established by Pareto. The formal seller of the Company's shares is the
Company's partly owned subsidiary, Fornebuveien 1-3 Invest AS. The sale is made
as part of the Company's ongoing work to reduce costs and improve its stressed
liquidity situation.

As part of the transaction, BRJ Value Add AS – 50% owner of Fornebuveien 1-3
Invest AS - has subscribed for 50% of the shares in the Buyer. Thus, BRJ Value
Add AS will continue to own 50% of the Target through its ownership in the
Buyer.

The transaction is completed today based on a gross property value of
approximately NOK 281 million. The transaction gives a neutral net cash effect
for Recreate.

Fornebuveien 1-3 is centrally located on Fornebu in Oslo, consisting of office
areas, storage areas, and parking. The main tenants leasing areas in the
property are Commfides Norge AS, Schlumberger and Evolve Norge AS.


For further information, please contact:

Emil Eriksrød, CEO
emil.eriksrod@recreate.no
+47 415 22 463


Eirik Engaas, CFO
eirik.engaas@recreate.no
+47 934 99 340

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